盈利能力持续改善，费用控制能力依旧优秀： 2025 年 08 月 27 日 隆鑫通用(603766.SH) 2025 年 Q2 业绩优秀，无极品牌加速成长 公司 2025 年 Q2 实现综合毛利率 19.71%，同比+0.30 pct，环比+1.62 pct，同 比略有改善、环比大幅改善，我们认为主要由于自主品牌放量、海外收入高速 增长。公司 2025 年 Q2 的期间费用率为 4.74%，同比-2.83 pct，环比-0.05 pct，同比大幅改善、环比基本持平。公司 2025 年 Q2 的信用和资产减值损失 为 796 万元，同比-81.08%，环比-130.36%，主要由于计提应收账款信用减值 减少、去年同期计提商誉减值。公司 2025 年 Q2 实现归母净利润 5.67 亿元， 同比+70.99%，环比+11.93%。 事件：8 月 25 日，隆鑫通用发布 2025 年半年报，公司实现营收 97.52 亿 元，同比增长 27.21%，实现归母净利润 10.74 亿元，同比增长 82.26%。 自主业务快速放量，公司营收高速增长： 公司 2025 年 Q2 实现营收 51.06 亿元，同比+16.83% ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 306.25 CNY for the next six months [6]. Core Insights - The company reported strong performance in Q2 2025, achieving revenue of 9.855 billion CNY, a year-on-year increase of 30.90%, and a net profit of 1.002 billion CNY, up 41.35% year-on-year [1]. - The company maintains high growth across its three main business segments, with a notable increase in all-terrain vehicle (ATV) sales and a strong product structure improvement [1][2]. - The company is focusing on high-end products and expanding its international market presence, particularly in North America and Europe [4][13]. Revenue and Profitability - In Q2 2025, the company achieved revenue of 5.605 billion CNY, reflecting a year-on-year growth of 25.45% and a quarter-on-quarter growth of 31.87% [1]. - The ATV segment saw sales of 101,800 units in H1 2025, a 25.06% increase year-on-year, generating revenue of 4.731 billion CNY, up 33.95% year-on-year [1]. - The motorcycle segment experienced a slight decline in sales volume but still achieved revenue growth in the domestic market [2]. - The electric two-wheeler segment reported a remarkable growth of 651.72% in revenue, reaching 872 million CNY in H1 2025 [2]. Cost Control and Profit Margins - The company maintained a gross margin of 27.35% in Q2 2025, despite a decrease compared to the previous year, primarily due to tariffs and initial investments in the electric two-wheeler segment [3]. - The period expense ratio improved significantly to 15.26%, down 4.99 percentage points year-on-year, attributed to reduced sales expenses and increased revenue scale [3]. Long-term Growth Drivers - The company has a strong market position in the ATV sector, being the market leader in Europe, and is expanding its product offerings in the UTV and SSV segments [4]. - The domestic mid-to-large displacement motorcycle market is entering a new product cycle, with significant sales growth expected [13]. - The electric two-wheeler business is also gaining traction, with a focus on high-end and smart products, and an expanding distribution network [14].

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a positive outlook for its stock performance in the coming months [6]. Core Insights - The company is expected to achieve a significant increase in net profit for the first half of 2025, with estimates ranging from 310 million to 360 million yuan, representing a year-on-year growth of 70.34% to 97.81% [2]. - The company's Q2 net profit is projected to be between 224 million and 274 million yuan, reflecting a year-on-year increase of 71% to 109% [4]. - The company is expanding into the humanoid robotics sector through a strategic partnership with K-Scale, which has led to the successful launch of the K-Bot humanoid robot [5]. Financial Performance - The company forecasts revenues of 3.823 billion yuan, 4.767 billion yuan, and 5.944 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 28.4%, 24.7%, and 24.7% [6]. - The projected net profits for the same years are 668 million yuan, 836 million yuan, and 1.043 billion yuan, with growth rates of 54.9%, 25.2%, and 24.7% respectively [6]. - The earnings per share (EPS) are expected to be 6.15 yuan, 7.70 yuan, and 9.60 yuan for 2025, 2026, and 2027, with corresponding price-to-earnings (P/E) ratios of 22.1, 17.7, and 14.2 [6]. Market Position and Strategy - The company has demonstrated improved operational efficiency, with a notable increase in gross margins for its main products, driven by scale effects and effective cost control [4]. - The introduction of new electric golf cart models has diversified the product line, allowing the company to cater to a broader customer base and various scenarios, thereby enhancing revenue potential [4]. - The company plans to establish a research institute in Zhangjiang, Shanghai, to attract industry talent and collaborate with leading robotics firms to enhance its technological capabilities [5].